India Geriatric Care Services Market Is Estimated To Witness High Growth Owing To Increase In Geriatric Population
The India Geriatric Care Services Market is estimated to be valued at Us$ 29.42 Bn in 2023 and is expected to exhibit a CAGR Of 7.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Geriatric care services provide support and assistance to elderly people who require help due to physical, mental, or emotional limitations related to advancing age. They offer housing, health care, and social engagement opportunities for older adults. Geriatric care aims to maintain or improve the quality of life of seniors through preventive, curative, rehabilitative, supportive and palliative interventions.
Market key trends:
Rise in geriatric population has emerged as a major trend driving the growth of the India geriatric care services market. According to census data, the elderly population aged 60 years and above in India is projected to rise from 103 million in 2011 to 300 million by 2050. Growing life expectancy combined with declining fertility rates is contributing to rapid aging of population in India. This has increased the demand for geriatric care services such as home health care, assisted living facilities and nursing homes to support the needs of elderly. Other key trends include rising prevalence of age-related chronic diseases, increasing healthcare expenditure, and growing acceptance of geriatric care services.
Porter’s Analysis
Threat of new entrants: The geriatric care services market in India has moderate threat of new entrants due to the high capital requirements and expertise in operating geriatric care homes and services.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many service providers in the market offering diverse range of services at different price points.
Bargaining power of suppliers: The suppliers of services, medication, and care staff have low bargaining power due to availability of many alternatives.
Threat of new substitutes: There is low threat from substitutes due to lack of alternatives providing comprehensive care to the elderly.
Competitive rivalry: High due to presence of several local and international players.
SWOT Analysis
Strength: India has a large aging population expected to grow exponentially offering immense opportunities. Existing players have established experience and expertise.
Weakness: Shortage of trained healthcare staff and unequal access to services across regions. High setup and operating costs pose challenges.
Opportunity: Rapid urbanization, changing lifestyles and income growth are fueling demand. Government schemes are promoting elder care services development.
Threats: Existing social norms where care of elderly is responsibility of family. Cost sensitivity in lower income segments.
Key Takeaways
The Global India Geriatric Care Services Market Size is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing elderly population suffering from physical and mental illnesses. Regional analysis showed South region dominates currently accounting for over 30% share due to higher elderly population concentration and economic development in states like Karnataka and Kerala. West region is fastest growing with strong presence of Mumbai and Pune having developed elderly care infrastructure.
Key players operating in the India geriatric care services market are Emoha Elder Care, AntaraSeniorCare, Nisarg Care, Tata Trust, Ashiana Housing Ltd., Heritage Eldercare Services Pvt. Ltd., ASLI (Association of Senior Living India), Nema Care, Age Ventures India, Piramal Swasthya, Jeevan Suraksha, and Kriti Elder Care. Emoha and Antara being the market leaders with wide service portfolio and presence across major cities. The market is witnessing entrance of new local and international players attracted by the opportunities.
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